Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print T. Rowe Price Equity Income Port Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 1118 Large Value Funds Morningstar® Style Box™ What is this? As of 2024-03-31 Total Fund Assets ($ Mil) 778.67 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks a high level of dividend income and long-term capital growth primarily through investments in stocks. The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in common stocks, with an emphasis on large-cap stocks that have a strong track record of paying dividends or that are believed to be undervalued. The advisor generally seeks investments in large-capitalization companies and the fund's yield, which reflects the level of dividends paid by the fund, is expected to normally exceed the yield of the Russell 1000® Value Index.

Morningstar Category: Large Value Large-value portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Investment Risks There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 87.8 Non-U.S. Stocks 11.1 Bonds 0.0 Cash 1.1 Other 0.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 32.78 Basic Materials 1.93 Consumer Cyclical 4.17 Financial Services 22.53 Real Estate 4.15 Sensitive 37.00 Communication Services 4.74 Energy 8.91 Industrials 12.54 Technology 10.81 Defensive 30.22 Consumer Defensive 8.23 Healthcare 15.89 Utilities 6.10 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 115 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 23.53 Turnover % (as of 2023-12-31) 17.50 30 Day SEC Yield % 0.00 Top Holdings Sector P/E % of Net Assets Qualcomm Inc 24.15 2.98 Wells Fargo & Co 12.00 2.97 GE Aerospace 22.00 2.42 American International Group Inc 15.70 2.42 Elevance Health Inc 20.56 2.42 Southern Co 19.82 2.27 Chubb Ltd --- 2.19 TotalEnergies SE --- 2.14 News Corp Class A 65.45 2.01 L3Harris Technologies Inc 33.10 1.71 Data through 2024-03-31

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Value Investing, Active Management, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Other, Large Cap, Financials Sector Show Risk Definitions

Other Information Inception Date: 1994-03-31 Portfolio Manager(s) John D. Linehan   (2015-11-01) John Linehan is the portfolio manager for the Equity Income Strategy and co-portfolio manager of the US Large-Cap Value Strategy for T. Rowe Price. In addition, he is the chief investment officer of Equity and a member of the firm's US Equity Steering, Equity Brokerage and Trading Control, and Counterparty Risk Committees. Mr. Linehan is Chairman of the Investment Advisory Committee at T. Rowe. He is a large-cap value portfolio manager in the U.S. Equity Division and also co-chair of the Investment Advisory Committee for the Institutional Large-Cap Value Strategy. From February 2010 to June 2014, Mr. Linehan was head of U.S. Equity and chairman of the U.S. Equity Steering Committee. He is a member of the firm's U.S. Equity Steering, Equity Brokerage and Trading Control, and Counterparty Risk Committees. He earned a B.A. from Amherst College and an M.B.A. from Stanford University, where he was the Henry Ford II Scholar, an Arjay Miller Scholar, and the winner of the Alexander A. Robichek Award in finance. Mr. Linehan is a CFA® charterholder. Investment Advisor(s) T. Rowe Price Associates, Inc. Issuer T. Rowe Price Subadvisor(s) ---

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